One of the oldest and leading names in the UAE remittance market, Al Fardan Exchange, has entered into a strategic partnership with Jingle Pay, a Dubai-based fintech startup offering money services, to help migrant workers to easily remit money.
As part of the partnership, Al Fardan Exchange’s global processing and clearing capabilities will be unified with Jingle Pay’s digital technology to improve the abilities to help migrant workers, who are in need of no-fee accounts and low- or no- cost cross-border transfers. The agreement also aims at promoting the cause of financial inclusion by enabling overseas workers to easily remit money.
Further, the partnership opens up a better experience for millennials and Gen Z customers who are looking for instant financial and money transfer services. The users will be able to send remittances to different global destinations through their smartphones, with low fees and preferential FX rates (exchange rate) along with a seamless user experience.
“Jingle Pay offers a unique user experience through its mobile app, and its users will now be able to benefit from Al Fardan Exchange’s unparalleled network of global agents and presence in 140 plus countries. Al Fardan Exchange will tap into specific segments of the market by better catering to the needs of younger consumers who demand flexibility and innovation.”
“As Jingle Pay transforms the money services experience for our users, we value the support we have gained from Al Fardan Exchange in processing instant transfers to locations all over the world. The partnership bolsters our global reach and processing capabilities, helping us empower our users through financial services in new ways,” said Jingle Pay founder Mr. Amir Fardghassemi.
The UAE is a hub for money services, and it was the second-biggest source for global remittances last year, behind only the US. In 2020, remittances by foreign workers in the UAE totaled $43 billion.
Founded in 1971, Al Fardan Exchange has an exchange network to more than 70 locations across the UAE and longstanding relationships with over 150 banks and other financial institutions across the world.